- Salter Brothers acquired the multi-award winning Sofitel Adelaide Hotel for approximately $154,000,000.
- Significant public and private investment is currently sweeping Adelaide.
- The transaction demonstrates confidence in Adelaide's hospitality sector.
Salter Brothers, one of the region’s most active hotel investors, has acquired the multi-award winning Sofitel Adelaide Hotel for approximately $154,000,000.
Located at 108 Currie Street in the heart of the CBD, Sofitel Adelaide is the first internationally branded five-star hotel to be built in Adelaide in 30 years, forming part of a 32-storey mixed use tower with two flexible retail tenancies included.
CBRE Hotels together with Savills negotiated the sale of the 251-key hotel on behalf of South Australian development and construction firm Palumbo Group.
CBRE Hotels Managing Director Michael Simpson says, “The sale of the Sofitel Adelaide represents Adelaide’s most significant single asset hotel transaction, and has reset the benchmark for the Adelaide luxury hotel market with a record price per key achieved for a CBD asset.”
Moreover, this acquisition will allow Salter Brothers to capitalise on the significant public and private investment that is currently sweeping the city.
“We have seen considerable investment activity for the first half of 2023, with the Sofitel Adelaide sale joining a raft of other major institutional transactions we have been involved in, including the Waldorf Astoria Sydney, Novotel & Ibis Melbourne Central and the Sofitel Brisbane, which together exceed $1.2 billion,” Simpson said.
Savills Director Nick Lower added that the Sofitel Adelaide has earned its sterling reputation and its place on the Adelaide skyline.
“Offering unrivalled luxury and exceptional guest experiences, its presence contributes to Adelaide’s allure as a premier destination, attracting domestic and international visitors alike.
“The extraordinary record price achieved sets a new benchmark in the Adelaide market, reflecting the property’s exceptional quality and desirability.”
